Is NAMA operating the wrecking-ball at Blackrock baths?

We learn today from the Irish Times today that the Blackrock Baths – a derelict open-air swimming/diving venue with seating for 1,000 spectators on the seafront in the upmarket Dublin suburb of Blackrock – are to be demolished after the local council determined that the structures had become dangerous. The Irish Times reports that the baths were acquired by NAMA Top10 developer, Treasury Holdings in 1997.

Last year, a local Labour councillor called for the baths to be acquired by the council – if NAMA owned loans relating to the site – and for the baths to be restored to their former glory. With outbreaks of ecoli on our beaches this summer, not to mention sewage spills and reports of the potentially deadly Portugese man-o-war jellyfish turning up on our beaches, you might have thought there would be demand for a safe outdoor swimming venue.

In recent months, embattled Treasury Holdings has frequently been in the headlines as NAMA takes action to foreclose on loans to the property development group which was founded by Johnny Ronan and Richard Barrett. We know that NAMA has had receivers appointed to over 30 Irish companies in the Treasury group, but Blackrock Baths don’t appear to be on the current NAMA foreclosure list but remember (a) the foreclosure list is rife with errors and (b) NAMA has only foreclosed on a fraction of the properties subject to its loans – most property is still being managed by the developer. So Blackrock Baths might or might not be in NAMA.

In May 2012, NAMA announced vague plans to spend €2bn on developing assets securing its loans, over the next four years. There has been little detail provided to date on how the €2bn will be spent. NAMA has been cutting its teeth with the wrecking ball in July 2012 when it demolished an apartment block in the Gleann Riada estate in Longford.

This morning, a spokesman for NAMA had no comment on the reported demolition.

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7 Responses

Trump famously stepped in and finished the Wollman Rink in Central Park,which is a fantastic public amenity.
Perhaps,Ronan or Barrett as a act of atonment or a goodwill gesture will accept a surrender of the leasehold and return the baths to their former glory!
But given today’s announcement from TCT,don’t hold your breath.http://en.wikipedia.org/wiki/Wollman_Rink

“The council at some point handed the baths over to private developers and the site is now owned by a consortium that includes Treasury Holdings, Alanis Ltd and the property developer Paddy Kelly, with the Council holding a long-term lease.”http://www.abandonedireland.com/Blackrockbaths.html

The freehold was sold by Pembroke Estates,had a few appearances at Flood Tribunal,courtesy of Dublin based now deceased auctioner John Finnegan.
“The Flood Tribunal has heard details of the auctioneer, John Finnegan’s dual role in the sale of property in Donnybrook in the 1970s. Mr Finnegan has admitted that the Pembroke Estate, on whose behalf he acted, was unaware of his involvement with the company that bought the land.”http://www.rte.ie/news/2001/1012/flood.html

WSTT may know more about this transaction,but most likely the council was/is prepared to surrender its leasehold interest for planning gain.

At some point the well connected consortium retained architects HKR and proposed a redevelopment involving apartments,unlikely any pro forma involving apartments would pencil today.But fantastic site,NAMA should look at a JV here.

“Local Green Party TD Ciarán Cuffe welcomed the unveiling of the document which was produced by HKR Architects on behalf of the site’s owners.
The baths are owned by a consortium that includes Treasury Holdings, Alanis Ltd – the McCormack family property development company – well-known property developer Paddy Kelly and the Ryan family from Foxrock.
Deputy Cuffe said public consultation is crucial and that all options should be debated.
“We would like to see sea-baths provided at the site, but we are concerned at the proposal to place a new bridge across the railway at Idrone Terrace and place apartments on the site of the former baths,” he said.”http://www.hkrarchitects.com/pdfs/Media40.pdf